The complete strategy of fund investors

If you are an investor with considerable assets, sufficient time and energy, rich knowledge of securities investment and diverse investment opportunities, I believe it is not difficult for you to succeed in the tide of commodity economy by virtue of your own advantages. However, if you are just a small investor, you don't have the time, professional knowledge and information to manage your assets, and you don't have enough ability to hire professionals to manage your finances, then the fund is your ideal investment tool.

Perhaps you have a general understanding of the basic knowledge of investment funds and are ready to invest in some funds. No matter how you decide your investment goals and strategies, it is more important to know the following points before making a choice than to do any other preparatory work:

1. Giving money to the fund manager doesn't mean that you shouldn't take risks at all. We should fully realize that buying funds is an investment behavior, not the distribution of some kind of welfare. Under the current market economy, any investment is risky, and there are two possibilities: profit and loss. With its reasonable mechanism, the fund can and can avoid many operational risks, but it can't completely eliminate them. As stated in the fund prospectus, the price and income of the fund unit will always rise and fall with the changes of the net asset value of the fund unit and market factors. If you want to get higher returns than bank deposits, you must be willing to take risks. The higher the risk, the greater the return, which is a universally applicable investment law.

2. The investment goal of the Fund is to invest in the investment fields limited by the Fund in the form of diversified investment risk portfolio, so as to obtain rich investment income and seek sustained medium-and long-term capital appreciation. However, in addition to the fluctuation of the securities market price will directly affect the fund's net asset value, changes in the domestic and international economic and political situation, changes in policies and changes in relevant laws and regulations will affect the fund's investment income and capital appreciation. Therefore, the fund manager's past securities investment performance does not mean that the manager can get the same income in future investment activities. The manager is not responsible for the profit and loss of the fund investment, nor does he guarantee the minimum income of the fund, except to fulfill the responsibilities and obligations of the manager wholeheartedly. This is a statement that any fund management company will make when issuing funds. All investors who subscribe for and buy or sell the Fund have expressed a clear understanding and recognition of all information such as the risks, nature and functions of the Fund.

3. Therefore, when deciding personal investment portfolio, fund investment is not necessarily what you need most, nor is it necessarily the most suitable for you. For you, the first thing you should consider is to invest some surplus funds in real estate as much as possible to build a stable family for yourself, and then buy a life insurance or property insurance, and the rest can be considered for other investments.

Because the fund is a medium-and long-term investment, it is better to receive cash within three days of selling stocks, and it is not as easy as withdrawing bank deposits at any time. Therefore, choosing a fund as an investment tool can only be used as a long-term deposit for some assets in your portfolio that don't need to be used at any time, or as a market channel that is not easy or open for personal investment. In short, as a popular western proverb says, "You can't put all your eggs in one basket."

I will determine my ability to take risks.

There is no free lunch in the investment market. Seeking wealth and risk, the higher the rate of return, the greater the risk, and the risk is always proportional to the rate of return. Investors need to consider the following factors when determining their ability to take risks: First, age and earning power. Young people have plenty of time, have the ability to make money continuously, can take risks better, and can choose funds with greater risks; The second is personal property status and family burden. Investors who usually hold more cash can take more risks; People with fixed income have higher risk-taking ability than those without jobs; Third, the goal and duration of investment income. Young people of marriageable age with children are more likely to consider buying a house and getting married in the short term, or to provide schooling for their children and support for their parents, and their ability to take risks is limited. The elderly expect to use the income from investment for providing for the aged, but only consider low-risk funds as investment targets.

2. Determine the objectives and strategies of investment funds.

Investment through the fund should be regarded as a kind of long-term savings, and it is expected to obtain higher income than bank interest to offset inflation or the rise of price index, giving the fund a sense of security in life. Therefore, before choosing a fund, you must be clear about your investment goals and the strategies you should adopt to achieve this goal. In the commodity market economy where financial management is increasingly becoming a specialized investment art, investors' investment objectives vary from person to person because of their social status, age, income level, financial management concept and personality level, and depend on their investment orientation and the risk they can bear. Generally speaking, investment objectives can be divided into three types: mainly to obtain regular income; Want to preserve capital and increase value; Mainly pursuing capital appreciation. The investment strategy serves the investment goal, and what kind of investment strategy will there be if there is any investment goal. Therefore, investment strategies can be divided into three types: conservative, steady and enterprising.

After defining your investment strategy, you should choose a fund that is consistent with your investment strategy. If the funds in the financial commodity market are classified according to the investment purpose, they can be divided into three types: income-based funds (or income-based funds), balanced funds and value-added funds, which are suitable for the above three types of investment strategies respectively. Income funds are suitable for the needs of conservative investment strategies, can bring relatively stable recurrent returns to investors, and have the advantages of ensuring the safety of funds and being easy to cash, such as money market funds, bond funds, preferred stock funds and blue-chip funds. Li Duo Management Fund's "Portfolio Objectives and Manager Policy" clearly states: "The assets of the Fund are invested in all kinds of first-class stocks, bonds and corporate bonds, fixed-rate securities and cash deposits to achieve stable long-term capital appreciation and meet the needs of the elderly." Balanced funds generally meet the needs of stable investors and appear in the form of average portfolio. Funds invest in stocks and bonds and try to spread their assets in different investment markets and instruments. The stocks it chooses are mainly large companies with low interest rate and lower investment risk than value-added funds. Value-added funds are designed for enterprising investors. Generally speaking, such funds invest in high-risk financial commodities, such as small company stocks, warrants and futures indexes. Because of high risks and high returns, investors' funds can be greatly increased.

The following three kinds of investment portfolio are three typical investment portfolio targets abroad. After the fund market in China has reached a certain scale and the types of funds available for selection have increased, it will have certain reference and reference significance.

Couple combination

Investment objective: In order to obtain higher asset growth rate.

Investment fund ratio: 1. 40% of regional stock market funds; 2. Single stock market fund 30%; 3. Emerging market equity funds15%; 4. Warrants and leveraged funds 15%

Middle-aged combination

Investment objective: value preservation and asset appreciation

Proportion of investment funds: 1. 25% for bonds and money funds; 2. Major stock market funds (Japan)10%; 3 regional stock market funds (Europe, Southeast Asia) 5%, 25%; 4. Single stock market funds (Hong Kong, Australia and South Korea) 8%, 8% and 4%; 5. Emerging stock market funds15%; 6. Warrants and leveraged funds 10%

Old age combination

Investment objective: income and value-added

Proportion of investment funds: 1. 40% for bonds and money funds; 2. Major stock market funds 20%; 3. Regional stock market funds 20%; 4. Single stock market fund 20%

Whether there is * * * in the portfolio depends on the specific situation of individual investors. Everyone determines the composition of various funds according to their own personality characteristics, the amount of funds that can be invested, the investment period and investment portfolio of planned funds, and then combined with the economic environment and market conditions at that time. For example, in case of economic recession or bear market, we can focus on investing in bond funds and reduce our holdings of equity funds.

3. Consider the fund size and market relationship.

Choosing the right fund category is only the first step, because there are many types of funds, which are managed by different investment fund companies, operated by different managers, invested in different markets and have different portfolios. Therefore, it is also very important to consider the relationship between the overall size of the fund and the investment market after determining the types of investment funds. Generally speaking, investors should pay attention to the following points:

1. If the investor's capital investment is large, the size of the fund he chooses cannot be too small.

Because his investment accounts for a large proportion in the whole fund, his trading behavior will affect the performance of the fund. If investors want to redeem all their investments in full, and the equity fund is not liquid at that time, managers have to sell some high-quality stocks for investors to redeem, so that other investors only hold second-and third-tier stocks, which will bring disadvantages to other investors and the fund itself. If it is a small market with a small turnover, his redemption behavior will seriously affect his performance and fund price.

2. Due to the large scale of the fund, in principle, the assets of the fund should be invested in financial commodities with large market scale.

If the scale of the fund is large, the number of stocks that can be bought in the fund investment market is small, and there is no choice (for example, South Korea, Thailand and other places are markets with a small number of investment stocks), then you should carefully consider whether to buy the fund. Because the fund manager holds a lot of cash, it is difficult to buy high-quality stocks or the fund can't buy stocks, and there are no other projects that can be directly invested, then the performance of the fund is definitely limited. You might as well deposit your money in the bank and pay interest.

Then, when buying and selling funds, should we look at the market or the fund first? The more popular view is:

First, look at the investment market of the fund, and then look at the scale and operation of the fund itself.

Second, under the same market conditions, fund managers should focus on the expected performance of the market in the future, rather than simply looking at the past performance of the market. If the investment market is not optimistic, the fund manager takes this market as the key investment object, and the fund's prospects are worrying. Investors should not patronize this fund.

Third, if your investment strategy is long-term investment, it is not suitable for investing in a single market fund. Because flowers bloom and flowers fall, especially in countries and regions with unstable political situation and social unrest, the occasional stock market crash is enough to affect the past performance of funds, so investors should be less involved in such funds.

4. How to comprehensively evaluate the performance of the fund?

When buying a fund, most people will first pay attention to the past performance of the fund. Although the past metallurgy of a fund cannot represent its future, generally speaking, a fund with relatively stable performance can show that its design is correct and the investment strategy of the fund manager is successful. If its performance has been considerable, there is reason to believe that its performance will be the same in the future. Therefore, investors should choose a relatively balanced fund in the past few years or since its establishment. However, it should be noted that the reference period of the Fund usually starts from 65438+ 10/month 1 year, or is based on 3 months, 6 months, 1 year, 2 years or years. Sometimes, fund managers will unilaterally publicize the best performance period of funds in advertisements, while hiding the period of poor performance. Therefore, if investors compare the performance of a fund, they should also compare it with similar funds and compare their investment performance with related indexes. When comparing the performance of the two funds, we should pay attention to the comparison period, not the funds in the same period, and their performance is not comparable. When comparing the performance of funds, we should also pay attention to the meaning of those comparative figures. The trend of fund market published in newspapers, some data refer to the percentage of rise and fall in a specific time period, while others refer to the results that can be obtained if an investment rating is in that time period, plus interest and funds. If this is the case, you have to subtract the principal to calculate the real income. Of course, when comparing, we should also pay attention to whether the funds are compared in the same currency. In recent years, due to the fluctuation of foreign exchange market, the fluctuation of exchange rate will affect the performance of the fund itself. It may be the same growth rate. One fund's income is obtained from the price difference in the market, and the other is only obtained from the fluctuation of exchange rate, so it can't be treated equally in comparison.

The scale of fund assets also affects the performance of the fund. Generally speaking, the larger the assets of the fund, the lower the investment cost of investors, and the lower the average annual fee paid by the fund to the manager. Because the custodian's annual fee generally has a minimum charging standard, when the fund assets exceed a certain amount, the annual fee is charged according to a certain proportion. If the assets are too small (less than 30 million yuan), the proportion of annual custody fees will affect the income of funds, especially income-oriented funds. From the following table, we can see the relationship between fund asset size and fund performance: the average asset values of the top four and the last four funds in Hong Kong, Japan and Britain are counted, and it is found that the average asset values of the funds with better performance are all larger. This is not to say that larger fund assets will certainly bring better performance, but at least it can enlighten investors that a suitable fund asset scale is suitable for fund managers to operate, and too large fund assets are not necessarily a good thing. Because the "Fund Investment Code" limits that the shares held by a fund in a company shall not exceed 10% of the total shares of the company. It is more difficult for funds with larger assets to buy shares of small companies with greater appreciation potential. If the investment market prospects are bleak and the fund assets are either locked up or idle, the performance of the fund will naturally become a problem. Therefore, some people have made a special study of funds in Britain and put forward an ideal total asset value of about 5 million pounds. Based on this theory, the scale of fund establishment is about 50 million-654.38+0 billion RMB, which may be more suitable for the actual development of China's securities market at this stage.

To measure the performance of the fund, we should also consider the following points:

1. In addition to comparing the changes in the unit price and the net asset value of the fund, we should also calculate the dividend rate and the distribution of capital appreciation of the fund, because they are also part of the fund's return. The realized profits will roll into the fund for reinvestment, and the fund that does not pay dividends is generally not as good as the fund that pays dividends.

2. In addition to the trend of individual markets, the structure of the market itself also has a certain impact on the performance of the fund. By analyzing some data of European and American fund markets and emerging fund markets in Southeast Asia in recent years, it is found that Japanese, American and British funds often fail to win the market. The reason is that its market is large, its structure is complex, its management methods tend to be aging, and there are too many factors affecting the market. However, due to the rapid economic development, abundant funds and strong demand in various countries, funds in emerging markets generally have higher returns than funds in mature markets. Therefore, it can be predicted that with the further expansion of the securities financial market and the improvement of the management system, the development prospect of China Fund will show a good momentum.

3. The performance of the fund will also be affected by the changes in the transaction price and management fee of the fund, and this influence will increase with the extension of investment time.

5. What should I pay attention to when choosing a fund management company?

Funds are designed and managed by fund management companies. Therefore, investors should understand the background, financial resources, scale, reputation and management methods of fund management companies. Although fund assets will not suffer losses due to the rise and fall of fund management companies, whether the foundation of fund management companies is solid and whether the internal management system is perfect, especially the investment experience and professional quality of fund managers, management methods and the qualifications and experience of trustees, accountants and accountants, will all affect the performance of funds. Some fund portfolios are managed by a group of investment managers and analysts, while others are managed by one or two managers. The latter's personal factors are heavier, so when it comes to personnel changes, it will have a greater impact on the continuation and operation of the fund. Fund investment has a sound management system and fund companies that pay attention to collective management. Their decision-making procedures are often consistent and their actions are targeted. It is more reliable for investors to choose according to past performance. Therefore, when choosing fund companies, funds managed by large investment institutions or financial institutions are more secure.

As for the types of funds established within these fund companies to choose from, whether each fund is marketable is also one of the factors that investors must consider. Because switching between two funds or funds under the name of the same fund company can save a lot of subscription fees.

In addition to the background, history and experience of fund management companies, the investment philosophy of fund managers can not be ignored. The best fund companies basically run well every year, or outperform competitors with the same conditions. Worst of all, novice investors are keen to buy fund stocks or private placements whose share prices have risen sharply in a very short period of time, in order to obtain bubble-like profits in the future market revaluation. Some fund management companies have their own investment ideas, which are very effective in the short term when the stock market is abnormal, but wise investors should not buy such funds. Choosing a fund company is like striving for good grades in other fields. Slow and steady can win, and only slow-paced sports can rise steadily.

Six. Clear all kinds of expenses from the loss.

Investment funds, like buying goods, must ask the price before buying. Understanding the fees charged by fund companies is an important part of calculating the investment cost of funds. If there is an error, you may suffer losses in future redemption.

The inherent cost of the fund mainly includes the initial cost, auditor's fee, lawyer's fee and accountant's fee. The initial subscription fee of the fund is usually used to pay advertising fees and middleman fees, which is generally 3%-5% of the investment amount. In addition, the annual management fee and annual custody fee of 0.2%- 1.2% will be deducted in proportion every month to pay the general management fee of the manager and the custody fee of the custodian, which is generally deducted in advance before dividends are distributed.

Some funds with bid-ask spreads include subscription fees and redemption fees. Funds that charge initial subscription fees and redemption fees respectively aim to collect fees, hoping that investors can invest in the fund for a long time instead of going in and out frequently.

When a new fund is launched, it usually offers preferential subscription prices or low fees to attract investors. Therefore, those who are interested in investing in this new fund can subscribe as soon as possible to enjoy preferential treatment.

In recent years, a new practice has emerged in the fund's charging and dividend policy, that is, a fixed proportion is extracted from the difference between the new high price and the previous highest price as a "bonus" (performance reward), so as to prove that the interests of fund managers and investors are the same. Through the combination of responsibility, right and benefit, the interests of fund managers and investors are tied together to increase investors' confidence.

In addition, the charging method will also affect the income of investors. The 5% subscription fee charged by most funds is deducted from the investment amount, and then purchased with the net asset value of the unit. For example, if you spend 65,438+0,000 yuan to buy a fund of 65,438+00 yuan each, after deducting the initial subscription fee of 5%, you only need 950 yuan to buy 95 fund units. If the unit price of the fund rises to 12 yuan, the market value of 95 fund units is 1 140 yuan. If the fund does not deduct the subscription fee of 5% in advance and only sets the bid-ask price difference of 5%, the result will be different. Suppose the buying price of the fund is 10 yuan, the selling price is 10.5 yuan, and the investor's 1000 yuan, which is completely bought at the price of 10.50 yuan per fund. On the surface, it seems to be consistent with the above situation, but the actual number of fund units purchased is 95.238. However, when the buying price and selling price of the fund unit rise to 12 yuan and 12.5 yuan respectively, the investor's income at the time of redemption is 1 142.856 yuan, which is 2.856 yuan more than the previous method. Therefore, investors should choose to subscribe for all the funds at the selling price.

7. Consulting an investment consultant to assist investment will get twice the result with half the effort.

In addition to directly subscribing to fund management companies, you can also go through the transaction procedures through the introduction of investment consultants. Investment consulting companies will not charge you any fees, but only unilaterally charge commissions to fund companies. Because they are all institutions, investors can get their more pertinent investment advice for free. The advantages of using investment consultants (companies) to buy and sell funds are as follows:

1. The fund itself is a commodity. When fund managers promote fund products, they will inevitably promote flowers and praise the fragrance of flowers. Due to the limitation of this objective factor, it is difficult for individual investors to get advice that meets their own needs directly from fund companies. Due to the limitation of manpower and time, fund companies can't take care of many investors who don't know much about fund common sense, so they entrust investment consulting companies as agents to serve retail investors. Investment consulting companies came into being under the demand of both fund companies and investors, and acted as an intermediary to help investors choose funds. Therefore, a consulting company can be regarded as a database of fund companies. Investors can choose the target fund that best meets their needs through these companies.

2. The scope of services of consulting companies far exceeds that of general fund companies. In addition to acting as a middleman in buying and selling funds, it can also do fund management, fund account management, arrange offshore private trusts, overseas real estate investment and mortgage, fund savings plans, provide you with personal financial advice, and also design a portfolio for you to put your limited funds in different investment tools reasonably.

3. If investors only rely on some public documents and fund quotations to invest in the fund, when they actually buy or sell, the gap between the purchase price and the market price is too big because of the time difference, so they can't make a transaction at the most satisfactory price. If you consult a consulting company, you can get more timely information and make more accurate and effective decisions.

To choose a satisfactory investment consultant, we must first compare their services. First of all, see if they can provide you with the information you need, such as the financial situation analysis of the world's major markets and the dynamics of fund companies. Whether their analysis is objective and reliable, whether the fund consultants belong to the marketing staff of the fund company, and whether they can collect and analyze various fund markets and fund information for you. Since the fund is a long-term investment, if your investment adviser often advises you to change the fund, even if he does not intend to increase the commission, it means that his analysis and suggestions are not accurate, so you should consider whether it is necessary to consult other advisers.

Even if you find the best investment adviser, if he doesn't know your income and expenditure and needs, there is no way to design a portfolio that meets your actual needs, so you must keep in touch with your adviser and tell him your latest financial information at any time. An ideal investment consultant, like an excellent family doctor, will always give you the most practical advice on your financial situation.

Eight. Investment funds pay attention to timeliness.

Investment pays attention to timing, and the basic principle is: buy low and sell high. However, the market is unpredictable. Even investment consultants can only advise you to avoid buying at the highest price, or technically remind you that it is the most appropriate time to enter the market when the market falls for six months. So, when is the best time to enter the market for redemption? The following points can be used for reference:

1, you can get more benefits by subscribing to this fund at the time of initial issuance. In addition to discount, the most important thing is the introduction of new funds, and it is usually easier to get the appreciation of fund units when the market rises.

2. If you can't decide the best time to buy and redeem the fund, you can also consider investing in stages and redeeming it regularly to reduce the timeliness risk. On the one hand, it can avoid missing opportunities, and it can also have the opportunity to buy more fund units when prices fall and redeem more profits when prices rise.

Nine. After purchasing the fund

After buying a fund, you can naturally enjoy success and wait for your fund to gradually increase in value. However, before you redeem the cash, the income you expect is only a paper figure, and regular dividends are only part of the investment income. Before you capture the results of the fund, you will inevitably care about your investment.

1, pay attention to all kinds of comprehensive information of newspapers and periodicals.

As mentioned above, fund companies regularly make public quotations in recognized newspapers and periodicals every day, and the relevant annual reports, fund market indexes and daily and weekly rankings of various funds will also be disclosed to investors through relevant media, so that you can know the latest transaction prices, net asset values and investment results of the funds you invest in through this media. However, it should be noted that the quotation of funds in newspapers and periodicals can only be used as a reference when you buy and sell funds because of the different valuation time and trading methods, which does not mean that you can buy and sell funds immediately with the quotation. All kinds of data need to be considered comprehensively before they can be submitted for sale. In addition, investors should have a general understanding of the market trends and prospects they invest in, and have a comprehensive understanding of the operating conditions of fund companies before and after. Generally speaking, fund companies have printed annual reports, interim performance reports and quarterly reports for investors' reference. In the report, the fund manager will summarize the changes in the fund market in the past period and look forward to the future of the fund. In addition, what is indispensable is the investment projects held by the fund, their respective investment amounts and shares, the percentage in the portfolio, or the announcement of the purchase price and price changes of the investment projects, and even the previous trading projects and dividend records. In the income and expenditure statement, there are also statistics such as subscription and redemption, fund expenses, dividend times, dividends and income. Many funds even calculate these figures into different proportions for comparison. For example, from the proportion of expenditure to the average net asset value and the proportion of net dividend income to the average net asset fat, we can see whether the internal cost of the fund is high or not and whether the rate of return is considerable.

2. Pay attention to the changes of major shareholders and personnel changes of fund managers at any time.

Who are the main holders of the fund, and the ratio of the number of funds held to the total share of the fund are two major factors affecting the stability of the fund. When most of the holders of the fund are institutional investors, its stability is not as strong as that of the fund where most of the holders are individuals, especially when the institutional investors redeem it on a large scale, it will have a relatively adverse impact on the fund investment. Therefore, in order to ensure the relative stability of fund assets, fund companies will try their best to take various measures to maintain the appropriate proportion of large, medium and small holders. When buying and selling funds, investors should always pay attention to the changes of holders and avoid being manipulated and manipulated by large households.

The change of fund managers is also one of the factors that affect the stability of funds. When people invest in funds, they all expect to choose a well-managed and strict fund company, and its investment objectives are consistent with mine. If all this is attributed to a few managers, and there happens to be a major personnel change of the operators before you are ready to buy the fund, then you should see how the outcome is before making a decision. Like other industries, the success of a fund company is directly related to its managers. Therefore, when you choose an economic person, it is time for you to choose a guide for your future financial investment; Similarly, when you join the fund, you choose a reliable financial helper for yourself. Remember, don't give money to managers who lack investment experience and have poor performance.

X. when is the best time to redeem the fund?

Because the situation of each investor is very different, I believe that there will not be too many investors who can grasp the fund from beginning to end. Usually, investors have redemption requirements after purchasing funds for a period of time. At any time, the fund will be sold or repurchased. So, when is the best time to cash out? For short-term investors, the most important thing is to grasp the fluctuation of the market and pay attention to the settlement date of funds. If the fund is bought and sold at a prior price, investors can take advantage of this to make a profit. But for most long-term fund investors, here are three suggestions for you, which I believe will not appear redundant:

1. When you prepare for redemption due to objective needs, the market price at that time has already started to go down, and what you are most satisfied with is that your redemption price has not moved. In addition, because most funds are not as easy to cash out as stocks, it may take some time to get cash after the redemption procedures are completed. For the above reasons, if investors can predict the date when they need cash, it is best to start considering the redemption plan one month in advance.

2. In addition to the above personal factors, market changes are also one of the reasons for fund redemption. As the fund is a long-term investment tool, it is not suitable for short-term speculation. If there is short-term fluctuation or adjustment in the market and the long-term trend of the market has not changed, you don't have to rush to cash in your fund. Because after deducting the redemption fee, you may not have a chance to buy it back at a preferential price. However, if there are other better investment opportunities, you may wish to make a decisive move and sell the funds you hold. In addition to the market trend, you can "change horses", even if the performance of similar funds is better than your hands, you can also consider "changing horses". Because in the long run, if the annual growth rate is 2% higher, 10 will have a difference of nearly 22%.

No matter what kind of investment, most investors have a tendency, that is, they want to make a quick profit and have no patience to wait for the profit to grow slowly. On the other hand, when the market trend is contrary to investors' expectations, they are often unwilling to give up the arms of the strong, resulting in daily losses. Therefore, I want to remind you: (1) when your income and expenditure situation changes significantly; (2) When there is a major personnel change in the fund manager company; (c) When the net asset value of the invested fund falls sharply; (d) When the overall trend of the whole securities market declines.

XI。 Three effective investment rules

1, installment purchase method

If you are going to invest in the fund for a long time and have a considerable amount of stable funds, you may wish to invest in the fund by stages. This method is to buy a certain number of fund units at regular intervals (month, quarter or half a year) with a fixed amount of funds. The function of this method is to disperse the risk of investment funds subscribing at higher prices in a certain period of time. In the long run, the average cost of purchasing each fund unit is generally reduced. If you regularly buy a fund of 1000 yuan every month, and the fund's ups and downs for six consecutive months are as follows:

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